WILLIAM DONALD SCHAEFER, Governor                     Ch. 11

The outdated cross-reference was noted by the Michie
Company.

(c) In determining whether or not to approve a loan and the
amount of the loan, the Secretary shall consider those factors
set forth in § 12-404(b) OF THIS SUBTITLE as they relate to the
shell building project. After the investigation he considers
necessary, the Secretary may approve a loan of all or any part of
the project costs, not to exceed $1,500,000.

DRAFTER'S NOTE: This corrects a stylistic error in a
cross-reference in Article 41, § 12-406(c).

The stylistic error occurred in Ch. 186 of the Acts of
1976.

The stylistic error was noted by the professional
staff of the Legislative Division of the Department of
Legislative Reference.

12-505.

(a) In approving an application for a loan or grant, the
Secretary shall use as the governing criterion, the degree of
desirable economic and social benefit expected to be derived per
dollar of State expenditure. In applying this criterion, the
Secretary shall consider at least the following factors:

(1)  The population of the applying political
subdivision and of the area affected by the project;

(2)  The extent of economic and related social
distress, underemployment, and unemployment in the political
subdivision and of the area affected by the project and the
degree to which it will be relieved by the carrying out of the
project;

(3)  The degree of revitalization, renovation,
rehabilitation, and physical improvement to be accomplished by
the project;

(4)  The degree to which the project will advance
statewide. and/or local economic development strategies and
objectives;

(5)  The degree to which available sources of federal
financial support have been sought and will be utilized;

(6)  The degree to which local governmental sources of
funding are committed to the project;

(7)  The degree to which private financial resources
are committed to the project;

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